Bullish Outlook :
With respect to the sideways outlook on Minute-degree trend, Crude has bullish potential in short term to resume the rally in Minuette wave (c), after consolidating during the September.
A push above the 47.71 will confirm this bullish case, which is now against the 43.71.
Sideways Outlook :
Crude Oil has been moving in sideways during the September. An upward push will morph the advance since the August low into three waves, that will lead to unfold Minuette- degree three waves in sideways, as the Minute fourth-wave which remains in progress.
A decline exceeding the 37.75, the August 24 spike low, would indicate an attempt at achieving a significant extreme. (Bearish outlook on the 2nd chart)
Bullish Potential :
Silver dropped sharply today, below the extension of wave 2-4 trendline, to the 14.47 intraday low.
A break of 14.24, the September 15 low, would temporarily postpone this bullish outlook.
The bearish potential still retains in Euro, with respect to the overall weekly-pattern as [W – Triangle X – Y] which its Minor wave Y remains in progress.
The expected target for decline in Intermediate wave (C) is around 0.95318, where equals 0.618 times the length of the wave (A) of the same degree.
Bullish Outlook :
Gold is correcting the prior advance in Minuette degree, as wave (ii) of the same degree. The current pullback will likely amount to the Fibonacci 0.618 retracement level at 1120 over the coming days.
Note : Short term, the Sept. 11 low at 1097.7 still should hold under both bullish cases.
The bearish potential retains in Euro, with respect to the overall weekly-pattern as [W – Triangle X – Y] which its Minor wave Y remains in progress.
The expected target for decline in Intermediate wave (C) is around 0.95318, where equals 0.618 times the length of the wave (A) of the same degree.
Bearish Outlook :
The price volatility in dollar index still maintains under the Fibonacci 1.618 expansion level, that suggests respecting a viable bearish-possibility.
Based upon this alternate count, expect the correction in Intermediate wave (4) to trace out a double zigzag, which its Minor waves X or Y remain in progress.
Bullish Outlook :
The Crude developing in sideways looks a five-wave (triangle) in exhaustive state, that now would bolster the bullish outlook.
A sharp thrust-up will result in a new high and unfolding a five-wave up since the August low.
Trend Reversal :
Silver closed the week above the extension of wave 2-4 trendline, with respect to the bullish diagonal pattern. This is the first step in confirming a significant trend-change in Intermediate degree.
Short term, the September low at 14.24 should remain intact under this bullish stance.
Bullish Outlook :
The Gold’s strong rally unfolded a Minuette degree five-wave up since the September low, that indicates the bullish stance (Minute-degree advance in waves iii (circle) or c (circle) is underway). It is expected now, a pullback likely starts to a partial retracement in the coming week.
Note : Short term, the Sept. 11 low at 1097.7 should hold under both bullish cases.
Elliott Chart 